In what can only be regarded as its boldest move yet in creating housing development opportunities, the National Housing Corporation (NHC) has made a historic step into the global marketplace and successfully completed its very first Tanzania Real Estate Investors Forum in Dubai and achieved its goal of presenting shovel ready development opportunities with major property development firms based in the Middle East and beyond.
This historic event which was the first of its kind for Tanzania, was officiated by Vice President Bilal, and in attendance were some of the key decision makers from the Middle East's most powerful development firms such as Dubai's Damac, Nahkeel, Jumeirah, and Emaar, whom between the four of these firms are responsible for some of Dubai's most famous developments including the iconic Burj Khalifa, Jumeirah Hotels, and the Dubai Mall.
Also in attendance were development firms from other Gulf countries like Qatar and Bahrain, and countries as far away as Korea, Sweden, and Romania. Which clearly shows that there is a growing global appetite in regards to the property development and investment opportunities in Tanzania.
The Tanzania Real Estate Investors Forum is part of the overall vision of NHC Director General, Nehemia Mchechu, who currently heads the largest corporation in East Africa. Mr. Mchechu's tenure as the head of the NHC thus far has been highlighted with refreshing and innovative concepts to grow the overall property investment base in Tanzania.
"Tanzania presents a unique opportunity in regards to property investment in Africa. Because of the high level of transparency coupled with political stability and the general peaceful nature of Tanzania as well as a growing economy and a supportive government partnership which are all key factors for success that investors are looking for," said Mr. Mchechu.
"Today's historic event is just a first step in our overall strategic plan to make the world aware of what Tanzania has to offer in terms of investment opportunity through housing developments," he added.
Mr. Mchechu is confident that now is the time for investors to look at Tanzania and Africa as a whole. "It used to be a risk to invest in Africa, and Tanzania, but in today's global economy, it is a risk not to invest in Tanzania."
According to Mr. Mchechu the objective of the forum is to reach investors that have capacity starting at $ 20 Million up to half a billion dollars.
"We know that the scale of investment that is required does not happen overnight which is why many of our projects are over 5 - 7 years, however, we have projects that can meet investors capacity ranging from tens of millions of dollars to hundreds of millions of dollars, so basically at whatever level that investors want to come in within that threshold we have opportunities for them," said Mr. Mchechu.
Tanzanian's investing in Tanzania
According to Mchechu the search for investors is not limited to those outside of Tanzania and that actually later this month there will be a similar forum in Dar es Salaam for those in the Republic who are also looking for an investment opportunity in the development of their home country.
"We have not forgotten about our brothers and sisters back in Tanzania, many of which are in a position to invest in our many property development projects and we want to make sure that they have an opportunity to do so as well," said Mr. Mchechu.
Key to what was shared with investors there are three projects that have a projected development period of 5 years in a phased strategy. This includes two developments in Arusha named Safari City and USA River that have 8,000 combined housing units as well as one development in Dar es Salaam named Salama Creek Satellite City which will have nearly 9,500 housing units.
These three projects are "shovel ready" meaning that all statutory approvals for the project master plans have already been approved, all they require is investment, which is why the event was so key in regards to a way of securing the required investment capital to fast track these developments.
Government playing its part
His Excellency Dr. Mohamed Gharib Bilal in his remarks to the audience pointed out how government has worked hard over the past few years to create housing opportunities, key to this are the three major reforms that have become part of the law, including Mortgage Financing, establishment of Tanzania Mortgage Refinancing Company (TMRC), and the enactment of Condominium Law and this legislation has spurred growth and opportunity.
"Tanzania is currently experiencing a boom in the housing sector," said Dr. Bilal "There is currently a housing deficit of 3.8 million homes and growing by 200,000 per annum, this presents a challenge for Tanzania, but also an opportunity for investors,” added Dr. Bilal.
Tanzania's Ambassador to the United Arab Emirates, His Excellency, Mbarouk Nassor Mbarouk echoed how strong the Tanzania housing sector is during his remarks to the attendees as well.
"Housing is the fastest growing sector in Tanzania and we welcome investors from the United Arab Emirates," said Mbarouk.
According to the Deputy Minister for Lands, Housing, and Human Settlements Development, His Excellency George B. Simbachawene, a key factor to the increase expansion of the housing sector is the PPP (Public, Private, Partnership) in place that allows the government of Tanzania to partner with the private sector which accelerates the investment and overall growth process.
"The PPP is something that is key to the future and successful growth of the housing sector. Events like this allow us to expose investors here in the UAE as well as around the world to partner with the NHC and the United Republic of Tanzania and take advantage of this investment opportunity," said Simbachawene.
The event was in partnership with the Tanzania's Consul General of Dubai and the Northern Emirates, His Excellency Mr. Omary Mjenga as well as Special Consular for Economic Trade, Mr. Cleophas Ruhumbika. The Consular's office took the lead in coordinating logistics for the event as well as confirming many investment firms based in Dubai.
"We were pleased to work hand in hand with the NHC on this very historic event," said Mjenga. "Key to our work here in the UAE is to provide for and to facilitate opportunities for Tanzania so today's event was very much aligned to our general mandate. We are pleased to see that the event was a rousing success and I am sure that many new doors for investment have been opened for the NHC" added Mjenga.
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